Although QTIP trusts provide both asset preservation and estate tax benefits, working with an experienced estate planning attorney is essential for ensuring this estate planning tool functions properly.
An executor manages the estate administration after a person dies. Some people enjoy delegating, and others not so much. Even if uncomfortable, it is often necessary. Parents delegate responsibility to babysitters so they can attend work or social events. Managers assign tasks to employees to accomplish as part of their work for the business. For […]
A family trust is used to support multiple family members. Not all families are the same. I have seen more than 3,000 enter my office over the last 30 years. Some have close relational bonds. Others are affected by trauma, addiction, and broken relationships. Whatever the story, I see how my clients want to protect […]
Establishing an LLC can provide a greater distinction between business and personal assets. If you are self-employed, you likely feel the weight of providing for yourself and your family while caring for your customers or clients. Risks are taken in both starting and running a business. These risks can take a financial toll through lawsuits […]
Adding a child to your home deed can trigger unintended consequences. People tend to choose the easiest option at the moment. Sometimes, selecting this option is harmless, like grabbing the first shirt in your dresser drawer. Other times, it can be the best option for you, like hiring a plumber to fix the sink rather […]
People must transfer property to others when they die. All humans come into this world with nothing of their own. Toys, clothes, and food are provided to them by their parents or gifted by other family and friends. As individuals go through life, they may purchase a vehicle, a home, furniture, jewelry, and art. Bank […]
Endowed scholarships can benefit your estate and hard-working students. Scholarships are beneficial in paying for higher education. Unlike student loans, these do not need to be paid back. Whether they are awarded for academic achievement, athletic prowess, or a specific heritage or area of interest, scholarship awards reduce the financial burden of pursuing a degree. […]
Life insurance is a versatile estate planning tool - much like a Swiss Army Knife. Estate planning requires more than a life insurance policy. A life insurance policy does not designate guardians, executors, or financial and healthcare agents. A last will and testament, trusts, and power of attorney documents are required to provide these protections. […]
Every adult should prioritize incapacity planning. How often do you drive past a car wreck on the highway in Johnson County, Kansas, or in Jackson County, Missouri? When was the last time you heard of the recent death or tough diagnosis of a friend or relative? Tragedy can certainly strike suddenly. We would not choose […]
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Overland Park Estate Planning Attorney Kyle Krull assists clients in Kansas and Missouri with Estate Planning, Wills, Trusts, Revocable Living Trusts, Charitable Planning, Asset Protection and Business Succession Planning in the greater Kansas City area including Overland Park, Leawood, Olathe, Lenexa, Johnson County Kansas and Jackson County Missouri.
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